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Wednesday, November 27, 2013

5 Important steps is becoming a big brand for big financial success

There
is a clear correlation between successful businesses and strong branding, but
you don’t need to be a big business in order to become a big brand; in fact
many large corporate brands are finding that it pays to drop the corporate
image in order to increase their appeal as an independent company. Today
increasing numbers of new and small and business owners are recognising the
benefits of developing a big brand identity which allows them to punch above
their weight and compete head to head with large established businesses.

Here
we will look at 5 important steps that any business owner can take in order to
become a big brand, but before we do so it is important to say what a brand is
and what it is not. A brand is not a product, it is not a name, it is not a
logo, and it is not a website. It might involve all of those elements in as
much as they contribute to its development, but a brand is far less tangible
than any of them. A brand is an image, an impression, a vision; it is what
people feel about you, your business, and your product. It is something that
they create in their own minds; it is an emotional bond; it is something that
they trust; that they believe in; that they are loyal to; and for which they are
willing to pay over the market rate.

So how do you go about
building a big brand? Here are key steps.

Step 1 – Brand definition

If
you are going to build a big brand then it is important to be clear about what you
are aiming to build. Spend some time revisiting your product, service or
business and it place in the market. What differentiates you from the rest of
the crowd, what is the relationship with your customer base, what do your
customers feel about you now, and what do you want them to feel in the
future?Every successful brand has a
narrative; it tells a story, it has a past, a present and a future.

Step 2 – Brand emulation

At
some time in their lives, just about everyone has had heroes, role models, and
mentors. Consider what brands you admire, not just those with which you
compete, but ones which stir and inspire you. What is special about them, why
have they worked when others have failed, in what way do they stand out from
the crowd? You should learn what you can from them and adapt what you learn to
your brand model; even Sir Isaac Newton stood on the shoulders of giants, so
too should you, but avoid copying.

Step 3 – It’s all about your customers, so respect them

You
should treat your customers with respect. When you are building your brand
avoid making any false claims, raising your customers’ hopes and aspirations
only to ultimately disappoint them. It is a delicate business and your
customers are highly intelligent so don’t try to pull the wool over their eyes.
If you do then you will be found out and you won’t be forgiven. Be genuine, be
honest and be consistent so that you customers know what to expect.

Step 4 – Design

At
the beginning we said that a brand wasn’t a logo, a name, a product, or a website,
but these are all necessary elements. The design, the word and the image are
fundamental in fixing your brand in the eyes of the beholder, so don’t scrimp
on getting this right. As a business owner you are unlikely to be the best
person to interpret your dream and aspirations for your brand into an optimal
brand design, so get some help from the professionals.

Step 5 – Brand
consistency

Building
a big brand takes time, patience and investment. It isn’t something that you
should change on a whim; changing a brand can be and often has been disastrous.
If you do need to make changes then make them slowly and subtly; a consistent
brand carries far more weight and it is more far reaching. This doesn’t need
that you can’t be flexible; remember that a brand is about the image that your
customers have in their minds, so give them some space in which to develop it.